§ 58-5-49 — Equity securities of domestic stock insurer--Rules and regulations as to solicitation of proxies, consents, and authorities--Adoption and promulgation.

South Dakota § 58-5-49

• Jurisdiction: South Dakota
• Title 58: INSURANCE
• Ch. 58-4A: ORGANIZATION AND GENERAL POWERS OF INSURERS

Text

The director shall have authority to make rules and regulations as to solicitation by mail, or otherwise, of proxies, consents, or authorizations, in respect of any equity securities of a domestic stock insurer, with requirements designed to assure timely, accurate, and reasonably adequate information to those solicited as to the identity of those for whom the solicitation is made, purposes for which the proxies, consents, or authorizations may be used, pertinent information as to the fiscal situation of such insurer, and generally, such factual material as is conducive to helpful and informed participation in corporate affairs on the part of those solicited, and which will tend to eliminate or curtail any abuses in the use of such proxies, consents, or authorizations and such rules and regulations to be so adopted and promulgated by the director with due regard to statutes, rules and regulations in force in other jurisdictions of the United States relative to such solicitation, this to the end of reasonable uniformity to the extent feasible in regulation of the insurance industry in this respect.

Legislative History

SL 1966, ch 111, ch 16, § 20.